Under the terms of the agreement, Vivani will receive 12.5 million shares of ClearOne common stock. Once the transaction closes in the third quarter, Cortigent will operate as a wholly owned subsidiary of ClearOne. The resulting entity expects to trade on the Nasdaq under the ticker symbol CRGT, governed by a newly reconstituted board of directors.
In section Market Quotes
ClearOne and Cortigent to Merge in Shift Toward Brain-Implant Tech
Vivani Medical is spinning off its brain-implant subsidiary, Cortigent, into a merger with ClearOne that will leave the parent company holding a controlling stake of up to 68%. The deal, unanimously approved by both boards, aims to accelerate the development of neuro-restorative devices for sight and motor function recovery.
Existing ClearOne shareholders will retain between 13% and 14% of the combined equity. To support the transition and push the firm's experimental pipeline toward commercial viability, ClearOne intends to raise between $10 million and $15 million in new financing.
Comments (0)
No comments yet. Be the first!